25%).In the third quarter alone, the output of home improvement wall paints has been realized.

36 inches (previously + 25%, -34% MoM), sales volume 3.

18 inches (previously + 29%, -29% MoM).

Engineering wall paint maintains a high growth rate.

Driven by the transformation of old communities and the increase in the proportion of hardcover rooms, the engineering wall paint segment continued to grow at a high speed. At the same time, the company expanded the supporting sales of interior wall engineering products, thereby increasing sales and lowering unit prices.

The company achieved an output of 38 in the first three quarters.

49% growth (at least + 71%), 36 sales.

38 inches (previously + 67%) with an average unit price of 5.

02 yuan / kg (one year -3.

83%), achieving revenue of 18.

260,000 yuan (ten years +61.

07%).

In the third quarter alone, the output of engineering wall paints reached 16.

Results review The 2018 results are in line with our expectations of Liugong’s 2018 results: operating income of 180.

800 million, an annual increase of 51.

5%; net profit attributable to parent company 7.

90,000 yuan, an increase of 127 in ten years.

7%, corresponding to a relative profit of 0.

54 yuan, in line with our expectations.

In the fourth quarter of 2018, the company’s operating income and net profit attributable to the parent were 46.

2/0.

750,000 yuan, an annual increase of 42.

8% / 71.

3%.

Earthmoving machinery continued to grow rapidly.

In 2H18, the revenue of earthmoving machinery, other construction machinery and accessories was 65.

6/15.

40,000 yuan, an increase of 58 in ten years.

6/3.

4%.

Due to rising raw material costs, the gross profit margin of the 2H18 earthmoving machinery was 20.

2%, the same, down 2 from the previous month.

0/0.

6ppt.

The company’s consolidated gross profit margin for 2018 was 22.

8%, reduced by 0 every year.

2ppt.

Thanks to the scale effect and the strengthening of cost control, the company’s sales and management (including R & D) decreased by 0 every year in 2018.

3/1.

3ppt, the financial expense rate increases by 0 every year.

5ppt.

The company’s net sales margin in 2018 was 4.

4%, an increase of 1 per year.

5ppt.
Withdrawal of asset impairment and improvement of asset quality.

The company accrued asset impairment losses in 20183.

3 ten percent, an increase of 42 per year.

2%, in which a long-term receivable impairment loss of 75.26 million yuan is accrued. We estimate that it is mainly for financial lease receivables. At present, the company’s overall asset 深圳SPA会所 impairment provision is fully adequate.

Net cash inflow from operating activities of the company in 20186.

300 million, down 39 previously.

4%, mainly due to the increase in cash from financial leasing business. Development trend Profitability is expected to continue to rise.

In 2018, the company’s market share of excavators and loaders increased by 1, respectively.

5/2.

3ppt.

From January to February 2019, the company’s excavator market share fell slightly to 0 overall.

7ppt.

Looking forward, thanks to the continuous improvement of product performance and channel performance improvement effects, we expect that the company’s market share of excavators is expected to remain stable in 2019, while large equipment sales are increasing, product structure is optimized, raw material costs are lowered and expensesThe 四川耍耍网 rate control measures helped the company’s profitability to rise.

In 2019, the company set a target for the rated growth rate of construction machinery that is 20ppt higher than the industry growth rate, which shows the company’s development confidence.

Huatai Securities (601688): GDR Issuance Review of the London Stock Exchange-Expanding International Business to Capture Shanghai-London Connect

Huatai Securities issued the “Notice on GDR Issuance and Listing on the London Stock Exchange”. The company intends to issue no more than 82.52 million 杭州夜网 GDRs (including over-allotment rights) on the London Exchange from June 11 to June 14.The issue price range is 20.

$ 00?
twenty four.

$ 50 per serving GDR.

With the two-way opening of the capital market, Chinese securities companies will increasingly participate in international competition, go out and transfer, which is the growth path that Chinese investment banks must go through. The London listing and European business expansion create conditions for Huatai’s internationalization.

Expand international business and seize the opportunity of Shanghai-London Stock Connect.

The issue has two impacts on Huatai’s business: First, it will expand its international business.

After Hong Kong and the United States, the GDR issue created conditions for Huatai to open up the European market. The issue of raised foreign currency funds can support both extensional expansion and cross-border derivatives, structured financing and FICC expansion. Second, seize ShanghaiThe potential of Lenton’s new business. As an issuer, the company participates in the London-listed financing throughout the process, and provides solutions to the company with a personal experience, which is conducive to the expansion of Shanghai-London investment banking and market-making transactions.

How to improve the appeal of GDR needs to be solved urgently.

1) From the perspective of value investment, the price of H shares is better and liquidity is better.

The current price of Huatai H shares is a discount of the lower limit of the price issued by GDR by 18.

7%, and the H share capital is the pair with the largest share capital of the GDR plan. Theoretically, GDR is not as liquid as H shares; 2) From the perspective of cross-market arbitrage, at the current price of A shares, GDR is converted to A shares at the issue priceSelling will get 14%?
40% yield range.

After 120 days, the spread between the two markets and exchange rate costs will determine the direction of capital arbitrage.

If GDR converts arbitrage to A shares, it will reduce the GDR share, which is not conducive to the stable circulation of GDR.

ROE will not be significantly diluted, maintaining the “overweight” rating of A / H shares.

We judge that Huatai ROE will not decrease significantly due to the issuance. Due to the short-term diluted earnings of the funds raised from the issuance, we expect that the GDR issue in 2019 will bring the company’s ROE from 7.

56% approved 7.

04%. In 2020, through the expansion of overseas business and the incremental contribution of Shanghai-London Stock Connect, the newly raised funds will be raised to maintain returns that are similar to the internal ones.

For H-share shareholders, a premium issuance will increase net assets.

With the two-way opening of the capital market, Chinese securities companies will increasingly participate in international competition, go out and transfer, which is 深圳桑拿网 the growth path that Chinese investment banks must go through.

The London listing and European business expansion have created conditions for Huatai’s internationalization.
The actual impact of cross-border conversion on A shares needs to observe the price difference after 120 days and the expectations of investors’ monetary assets, and maintain the “overweight” rating of A shares and H shares.

Considering the issuance of GDR, the 2019/2020 earnings forecast is changed from 1.

Key points of investment Third, the market share of premiums is stable: The company focuses on the main business of insurance, and personal / property insurance remains the third in the market. In 2018, it took the initiative to dilute the starter and strive to achieve a quarterly premium balance, which is currently significant.

Service quality has improved significantly, and NBVM is the first in the industry to increase speed and robustness.

2) Proposed transformation in 2017.

0, the agent’s stratification strategy is expected to pass the transitional pain period, and the endogenous growth capacity is more sufficient.

Benchmarking Ping An Life’s per capita production capacity, H119 statically calculated that NBV has 69% room for improvement, and NBVM can still go up 5%.

57 points.

In addition, the significant improvement in the 南京桑拿论坛 company’s business quality is also reflected in the company’s life insurance business’s first underwriting profit in 2018. Currently, only Ping An Life Insurance maintains stable underwriting profit, and its customer cost rate advantage is second only to Ping An Life Insurance.

at 2.

Under the 0 strategy, life insurance is expected to improve the sustainability of underwriting profits.

The high dividend rate forced the company to strengthen its main insurance business, which also made the company pay more attention to investment stability.

Property and casualty insurance: The non-auto insurance business is working, and it is expected to benefit the industry first. Profit improvement: The existing property and casualty insurance industry has formed a solid PICC / Ping An / CPIC insurance giant structure, accounting for 83% of the industry’s profits in 2018.

Under the strict supervision of the industry, the expense ratio has ushered in an improvement in the inflection point, driving the industry’s underwriting profit to rebound.

As one of the oldest three companies, based on the strong brand and strong channel effect, under the actuarial pricing and operating capabilities of a series of industries, it is expected to take the lead to benefit from industry profit improvement, and ROE is expected to usher in a turning point in recovery.

Investment suggestion: The company’s strategy is sufficient, and it is firmly optimistic about the improvement of performance. At present, the P / EV is switched to 0 in 2020.

75x, 4% quantile after nearly three years, the price-performance ratio is outstanding.

High ROEV and high P / EV have been initially recognized by the market. CPIC Life Insurance ROEV is second only to Ping An Life Insurance, and it is estimated that there is room for upward repair.

Historical operating data shows that the company’s life insurance business continues to run steadily with underwriting profits and high business quality.

We believe that under the forecasted strategic qualitativeness, the future performance improvement is highly certain, which is currently in line with Davis’s double-click logic and maintains the Buy-A rating.

Risk reminder: Agent’s high-quality increase in staff is less than expected; the capital market fluctuates significantly; protection of product sales is less than expected

Depression is a common psychological disorder known as the “first psychological killer”. Some people have speculated that the famous artist Zhang Guorong died of depression.
After causing everyone to sigh, the public also has a certain understanding of depression.
In people’s impressions, depression patients are always depressed, downcast, unresponsive, uninteresting, hopeless, hopeless, helpless, slow thinking, reduced activity, etc. Few people associate depression with smile.
However, in clinical practice, a small number of patients with depression are covered with a veil of smile on the surface of their depressed mood.
Although these patients feel extreme pain, depression, sorrow and sorrow deep in their hearts, their outward appearance is nothing but a “smile”. This “smile” is not a true feeling from the heart, but a response.Social interaction, coping with work, coping with family members, impeding rejoicing against the face.
This kind of smiling depression is most favored for those with high education, considerable status, status and career success.
There are also some depression patients in the recovery period. Due to social prejudice, there is discrimination against mental patients. Some patients are about to return to society when they are afraid of suffering from mental illness., Suicide appeared.
In another case, in order to achieve their suicide goals, severely depressed patients with suicide attempts consciously cover up their painful experiences and make a happy face, thereby avoiding the attention of medical staff and family and friends, and creating conditions for suicide.
Sudden “improvement” in mood of patients with major depression and “sudden openness” may be a dangerous sign, and you should be alert to suicide.
These “smile” depression patients will fall into deeper loneliness, loneliness and extreme depression after “smile”.
Relatives and friends of patients should strive for early detection so that they can seek early treatment, get active and reasonable treatment as early as possible, and understand relevant scientific knowledge, so as not to be confused by the “smile” on the surface, so as to avoid irreparable losses.

Radish and sugarcane drink: The ancients said that radish can “cough and cough, throat diseases”, sugarcane can “throat the throat”, Sanpin take fresh juice, cool and sweet and delicious, with clearing heat and detoxification, swelling and pain, clearing throatEfficacy, better for acute toxicity of throat.

Loofah drink: raw loofah juice, or cut off the loofah vine, take the naturally dripping water, connect a small cup, and add rock sugar after cooking to penetrate frequently.

Take 1 pack plus a premium bottle of vinegar to make a thick paste, stir well and fry in a pan. While hot (to the degree that the individual can bear it), wrap the fried medicine in the center of your feet with a cloth.

Apply every night before bedtime, remove it when you get up the next day, follow the method and add vinegar and continue to fry before bedtime. After 1 week of continuous medication, rest for 1-2 days. Take another pack and continue to use for 1 week., Can be broken.

2. Exhale, turn the upper body to the left, bend the bones downward, place your right hand between your feet; the right arm and the left arm are in a vertical line, and look at the tip of the left finger with both eyes.

3. Keep it 30?
Breathe smoothly for 60 seconds, inhale, get up, and repeat on the other side.

Note: Focus on tilting the back and spine; the chest is tilted upwards and backwards, and finally the chest, hips, and arms form a straight line.

Note: Repeat 5?
10 times, relax.

Simplify the twisting of the spine: 1. Sit up with your legs straight; place your hands flat on the ground, slightly behind the back, with your fingers crossed, move your left hand over your legs, and place it before your right hand.

2. Place your left foot on the outside of your right knee, and extend your right palm further behind, inhale, and try to turn your head to the right, thereby twisting your spine.

3. Hold your breath for a few seconds, hold this position for a few seconds; exhale, turn the main shaft back to its original position; change to the other side.

Use your heels to support the weight of your body, bend your knees and lower your body until your thighs are parallel to the ground.

Even with legs, elbows flush with shoulders, elbows, lifting dumbbells over shoulders.

Even above, lift the dumbbells over your head and turn your arms so that your palms are facing each other.

Keep your shoulders drooping and your shoulder blades peaceful.

Back to the starting position.

Body parts to get exercise: strengthen the buttocks, thighs, quads, biceps, shoulders and upper half of the back.

2.

Analysis of lunge and sidestep movements: If the first movement of Action 1 points, the right foot takes a big step forward and the right knee is bent; the right knee is inserted into a line with the right foot; the left knee is bent and the heel is raised.

Bend over with your arms forward so that the dumbbells are at the ends of your right foot.

Straighten your body, put the dumbbells back on your body, put your back feet on top, straighten your front feet, and return to the original posture.

After your body is upright, do a side lift; raise the upper level to be flat with your shoulders; your elbows and wrists are slightly bent.

Drop the carbon dioxide and return to the original position.

Then repeat the full action, this time with our left foot.

Get the body parts you exercise: Exercise your quadriceps, great tendons, hips, midsections of your legs and hips; keep your hips and belly muscles in balance.

The spine is balanced, doing a hard lift, and bending forward from the front until we feel our thighs open.

Then slightly bend the contraction, bring the scapula as close as possible, bend the arms outward, bend the elbows slightly, maintain an upright flying position, and then focus on the thighs.

Tighten our tibia and return to the original position.

Body parts to get exercise: Mainly exercise the thigh ligaments, chest, back shoulders and upper half of hips.

4.

Analysis of lunge movements with one arm: Take a dumbbell in your right hand, zoom out, separate your feet, place your left foot in front of your right foot, and place your feet 2 feet apart.

The left leg is bent, turning the left arm into the left leg; leaning forward from the left until the upper half of the body makes a 45-degree angle with the ground (if necessary, you can hold a chair).

The right arm hangs down naturally, in line with the right shoulder, with the palm inward.

Keep your head, fractures, spine and chest in line.

Keep the scapula as close as possible; then, contract the hip muscles, flex your right arm, and move up and down.

Even the arm and left arm do the same to complete it once.

Body parts to get exercise: Mainly exercise the middle of the buttocks, back shoulders and some biceps.

5,

Analysis of dumbbell push-ups: knees on a cushion, dumbbells in hand, and placed on the floor.

Bend your arms and your body down until our forearms and upper arms are at a 90-degree angle.

Support your body and return to your original posture.

Part of the body to get exercised: Exercise the tibia, fore buttocks, and triple muscles.

Don’t make excuses for your laziness, get moving!

Using dumbbells to exercise our muscles, keep our bodies stable and beautiful, let us easily walk into the ranks of beautiful women.
So, we don’t need to spend hours in the gym to maintain our body shape.
For people like us who use no time as an excuse, we have launched an exercise program that strengthens our whole body in just 20 minutes (the first two weeks), and only 30 minutes when we reach the maximum.

Let’s face it, until the busiest of us can squeeze out 30 minutes: not watching a TV series for a long time.